BANK FINES - New research released today by Finbold reveals which banks globally faced the biggest fines imposed by the regulators on a Year-to-Date (YTD) basis, as well as the total combined bank fines by countries.
You can view the research in full here:
https://finbold.com/bank-fines-2020/
Fines were imposed by regulators for breaches of different protocols like Anti-Money Laundering (AML), violation of Know Your Customer (KYC) and operating guidelines, personal data leaks, among others. The data was sourced from various publicly available sources.
The top ten banks with the biggest fines imposed by the regulators:
|
Rank |
Bank |
Country |
Total Fine in Billion $USD |
|
1 |
Goldman Sachs |
US |
$3.97 |
|
2 |
Wells Fargo |
US |
$2.96 |
|
3 |
Westpac |
Australia |
$0.9 |
|
4 |
Bank Hapoalim |
Israel |
$0.89 |
|
5 |
Swedbank |
Sweden |
$0.42 |
|
6 |
Citigroup |
US |
$0.39 |
|
7 |
Deutsche Bank |
Germany |
$0.14 |
|
8 |
Scotiabank |
Canada |
$0.12 |
|
9 |
TD Bank |
US |
$0.12 |
|
10 |
SEB bank |
Sweden |
$0.11 |
Other key findings from this report include:
- Global banks fined $10.54 billion in 2020 YTD
- The US banks racked up $7.61 billion in fines in 2020, 72.2% of $10.54 billion of all banking fines globally
- In the US, seven separate banks were fined
- The most common violation is Anti-money laundering breaches
- In total, over 30 banks globally were fined with a bigger than 500k EUR fine in 2020 YTD.
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